Marc Faber: Gold Insurance "Could Drop Another 10%"

RENOWNED market commentator, author and money-manager Dr.Marc Faber believes the correction in gold could take prices another 10% lower, but he continues to hold it as "insurance" against money printing by governments worldwide.

"The markets that have performed extremely well since the lows of 2009 are not going to do particularly well in 2013," the Swiss-born Faber – now based in Thailand – told CNBC's Squawk Box on Tuesday.

"I am very cautious on 2013. I don't particularly like any assets right now."

In gold, the publisher of the Gloom, Boom & Doom Report went on, "We could have another correction of 10% on the downside," most notably because the US Dollar is now "the least ugly" of the major currencies.

"But we have so much government intervention," Marc Faber added, "you cannot predict the markets...I just see that governments will print money, and there will be competitive devaluations.

"So I want to have gold as an insurance policy."

Faber's comments chime with his latest Gloom, Boom & Doom Report, in which he writes that gold prices could fall "perhaps down to between $1550 and $1600.

"I intend to increase my gold position on any further weakness, although I am concerned that US Dollar strength could be a headwind for a strong gold rally."